VIJAYAWADA: The State government on Monday presented the annual budget for financial year 2024-25 with an outlay of Rs 2.94 lakh crore. Presenting the TDP-led NDA government’s maiden budget in the State Legislative Assembly, Finance Minister Payyavula Keshav asserted that the budget was aimed at kickstarting the economy with a focus on balancing welfare and development.
While the proposed revenue expenditure is Rs 2,35,916.99 crore, the capital expenditure has been pegged at Rs 32,712.84 crore. The estimated revenue deficit is around Rs 34,743.38 crore and fiscal deficit is nearly Rs 68,742.65 crore, which is 2.12% and 4.19 % of the GSDP respectively.
As per the revised estimates for FY 2023-24, revenue expenditure stood at Rs 2,12,450 crore, and capital expenditure at Rs 23,330 crore. The revenue deficit and fiscal deficit for the period were 2.65% and 4.3% of GSDP respectively.
In his 37-page budget speech, Keshav elaborated on how the previous administration pushed the State economy to the brink of collapse.
He remarked, “Challenging times being faced today by the State are a result of mismanagement of its finances, erosion of its revenues by looting of natural resources and flawed policies in excise and sand mining, discounting 25 years of future income by diverting the taxes of the government, exorbitant debt level and borrowing at high interest rates.”
Pointing out that the Comptroller and Auditor General’s (CAG) negative remarks on the State finance reflect the extent of the ‘financial mess’, Keshav said, “The budget I am presenting has been prepared against this financial background with an intention to restart the development cycle by focusing on economic revival, leading to wealth creation. It is in the hands of this generation now to restart and rebuild Andhra Pradesh.”
“‘Turn every crisis into an opportunity with dedication, innovation, commitment, and hard work,’ is Chief Minister Chandrababu Naidu’s mantra that drives us to work towards reviving the State economy,” he added.
On Amaravati, Keshav said, “After being abandoned for five years, the dream capital city of Amaravati is taking shape. Amaravati has been envisioned to have the world’s best infrastructure and a global destination for people, investments and jobs. The planning principles of Amaravati have ensured to make it the most liveable, efficient, sustainable blue and green city.”
He pointed out that the State government has secured Rs 15,000 crore financial assistance from multilateral funding agencies through the Centre for developing Amaravati.
Emphasising that development of agriculture sector and welfare of farmers is of utmost importance to the NDA government, the Finance Minister said Rs 11,855 crore has been allocated for agriculture and allied sectors for 2024-25. He explained, “As part of the Super Six guarantees, our government has announced investment support to eligible farmers through Annadata Sukhibhava - PM Kisan scheme.”
New water policy on anvil to make State drought-proof
Highlighting that the TDP alliance hiked monthly pensions to Rs 4,000 from Rs 3,000 soon after coming to power, Keshav said the State government is devising schemes, prioritising welfare and aligning with Swarnandhra @2047 vision. “As many as 64.38 lakh people have benefitted from the pension scheme,” Keshav pointed out.
On component-wise allocations, he said the government has allocated Rs 18,497 crore for welfare of SCs, Rs 7,557 crore for STs, Rs 39,007 crore for BCs, and Rs 4,376 crore for Minorities.
Stating that Rs 4,285 crore has been proposed for Women, Children, Differently-Abled and Senior Citizens’ welfare, the Finance Minister noted that the State government has already released Rs 850 crore towards Deepam-2 scheme to provide three free LPG cylinders to beneficiaries per year.
Asserting that the State government is committed to making the State drought-proof, Keshav announced, “A new water policy is being designed with the aim of taking water to every possible field.” He added that Rs 16,705 crore has been allocated for the Water Resources Department.
In an impetus for road infrastructure, Rs 9,554 crore was allocated to the Department of Transport, Roads, and Buildings, including State Disaster Mitigation Fund and State Disaster Response Fund. Criticising the previous regime for neglecting roads, he highlighted that the NDA government launched a mission to free Andhra Pradesh from potholes.
In a bid to rid the State from narcotics, and ensure law and order, Rs 8,495 crore was allocated to the Home Department.
A sizeable chunk of Rs 8,207 crore was allocated for the energy sector. Pledging that the State government is committed to reversing the damage done under the previous dispensation, Keshav said a comprehensive integrated energy policy has been formulated to provide low-cost, quality and uninterrupted power to consumers.
As announced earlier, YSRC MLAs skipped the Assembly session. However, the MLCs were present in the Council.
